Morning Commodity Market Snapshot

GOLD

Following a period of downward pressure on Tuesday, COMEX gold prices stabilized and moved up 0.61% to trade at $4,130.70, though further gains face strong headwinds due to reignited geopolitical conflict. New US airstrikes against Iran, launched in retaliation for recent attacks on cargo ships in the critical Strait of Hormuz, have severely threatened the fragile, interim US-Iran peace agreement. This sudden escalation has pushed crude oil prices higher, intensifying global inflation anxieties and increasing the likelihood of further central bank interest rate hikes. From a technical standpoint, if gold prices can maintain their footing and stay above the $4,100 baseline, the metal has a strong chance of extending its rally toward the $4,150 target.

SILVER

COMEX silver prices are currently showing positive momentum, climbing over 1.06% to trade around $60.60. However, these gains were capped following recent geopolitical flare-ups, specifically new US military airstrikes on Iran triggered by attacks on vessels navigating the Strait of Hormuz. Adding to the tension, the US revoked a critical waiver that previously allowed Iran to sell crude oil globally. These escalating hostilities have discouraged regional producers and shipowners from utilizing the strategic Strait of Hormuz, once again raising the specter of severe disruptions to the global energy supply. From a technical standpoint, if silver can successfully break through and hold its ground above the $61threshold, it clears the path for prices to potentially target the $64 level in the near term.

CRUDE

Fuel prices have turned upward as escalating conflict between the United States and Iran pushed Brent Crude back up to $75 per barrel. This rally was sparked by retaliatory US airstrikes against Iranian targets and the cancellation of a special waiver that had previously let Iran sell its oil globally. These defensive moves by the US came in response to recent attacks on commercial shipping in the vital Strait of Hormuz, where both a Saudi oil tanker and a Qatari LNG vessel were targeted. This rapid geopolitical deterioration has completely flipped market expectations; whereas traders previously braced for an oversupply of oil due to OPEC+ raising its production limits and regional exporters boosting output, they are now confronting tight supplies and heightened risk.

Copper

MCX copper prices have fallen below the key support level of Rs1280, closing session at Rs1276.05, amid re escalation of tension between US-Iran. Further, if copper fails to sustain above the level of Rs1280, prices will fall towards the level of 12170-Rs1260.

Commodity Levels:

Evening Commodity Trading Guide 08^thJul 2026

Gold Technical Outlook

MCX Gold (Aug): The domestic August contract has shifted into a more defensive technical posture, keeping its short-term sentiments in line with COMEX. The asset is facing increased liquidation pressures on higher levels, establishing immediate overhead resistance at ₹1,44,000 – ₹1,46,000. On the lower boundary, a critical support zone lies between ₹1,42,000 – ₹1,40,000. Technical setups suggest that weakness in prices may continue after breaching the support zone, but stay cautious as oversold rebounds can trigger sharp intraday spikes.

COMEX Gold (Spot): Spot gold is currently trading with a Sideways to Bearish Sentiment profile as immediate safe-haven premiums ease and market participants adjust to changing macroeconomic data. This ongoing correction leaves immediate technical resistance near $4,080 – $4,120. Downside protective barriers have drifted lower, with key support levels now seen near $4,020 – $3,960.

Overall View: With local momentum tipping toward the sellers, chasing early rebounds without a volume-backed reversal remains a high-risk approach. Short-term traders should exercise tight boundary discipline near range extremes and wait for a definitive close before entering heavy directional positions. For portfolio allocators, this structural pullback lowers entry risk over a longer horizon; long-term investors can consider buying in small amounts on every dip within major demand bands to build value positions at better cost averages.

Silver Technical Outlook

MCX Silver (Sept): The active September contract exhibits a vulnerable chart posture on domestic bourses, keeping near-term sentiments in line with COMEX. Immediate counter-trend attempts are hitting heavy distribution walls, placing technical resistance at ₹2,28,000 – ₹2,34,000. Conversely, downside cushions are shifting lower, with support expected near ₹2,22,000 – ₹2,16,500. Chart parameters signal that weakness in prices may continue after breaching the support zone, but stay cautious of sudden short-covering rallies typical of the silver complex.

COMEX Silver (Spot): Spot silver carries a Sideways to bearish Sentiment profile as near-term industrial and investment demand cools off. The white metal is encountering strong overhead friction, with resistance levels placed at $59.50 – $61.80. Meanwhile, downside protective lines are likely around the key supports of $57.50 – $55.50.

Overall View: The white metal remains under short-term pressure within its expanding downward channel, making strict risk control and boundary verification essential. Short-term traders should avoid aggressive buying in the middle of trading blocks and focus on price behavior at the edges. For macro-focused accumulation, this correction cleans out speculative froth; long-term investors can consider buying in small amounts on every dip into structural support zones to build durable long-term exposure.

Crude Oil Technical Outlook

MCX Crude Oil (Jul): The domestic July contract continues to match global benchmarks dynamically, moving cleanly in line with International NYMEX Spot prices. Immediate price action shows strong upward momentum, lifting overhead technical resistance to the ₹7,200 – ₹7,400 band. On the downside, the asset has established solid cushions, with structural support holding firm at ₹7,000 – ₹6,800. Given the strong underlying momentum, the dominant tactical approach is to buy on dips near these vital support layers.

NYMEX Crude Oil (Spot): Spot Crude Oil is navigating a firm Bullish Sentiment profile, driven by tightening physical supplies and sensitive global inventory data. Upside expansion continues to test vendor limits, with immediate resistance standing at $75 – $77. On the lower boundary, pullbacks are being aggressively absorbed by buyers, keeping key support levels seen between $73 – $71.

Overall View: The energy complex remains heavily favored by the bulls, though the speed of the recent rally warrants precise execution rather than chasing overextended peaks. Because heightened volatility persists amid ongoing geopolitical tensions, traders should remain extra cautious. Ensure disciplined trailing stop-losses are in place, focus on partial profit booking near key overhead boundaries, and keep position sizes aligned with wider intraday swings.

Zinc Technical Outlook

MCX Zinc (Jul): Directly tracking the global trend, the domestic July contract continues to display a well-defined structural foundation. Short-term sellers are grouping near the immediate overhead resistance band at ₹369 – ₹372.50, while long-term demand forces stand ready to absorb localized price soft patches at the support floor of ₹366 – ₹364. The broader setup remains supportive of buyers, confirming the primary tactical blueprint to buy on dips.

COMEX Zinc (Spot): COMEX Zinc continues to trade within a stable Sideways Sentiment block as market participants consolidate recent gains and evaluate industrial baseline demand. Immediate overhead resistance stands at $3,550 – $3,600, serving as the next major pivot point for breakout buyers. Downside exposure is well-shielded, with key support levels seen holding between $3,500 – $3,450 to maintain structural balance.

Overall View: The industrial metal is moving through a healthy range-bound transition phase, making strategic value buying near key demand layers a high-probability playbook. However, because industrial commodities face high sensitivity to wider macro trends, traders should remain extra cautious, as heightened volatility persists amid ongoing geopolitical tensions. Execute positions tightly around confirmed structural limits and protect capital with well-placed risk parameters.

Commodities: Pivot Table

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